Article Summary, Automatically Generated By AI
About Ren
Key Points
- Ren is an open protocol for interoperability and liquidity between blockchain platforms.
- Launched RenVM mainnet in May 2020 after a $34 million ICO in 2018.
- Native token REN functions as a bond for node operators (Darknodes).
- Aims to expand DeFi accessibility by removing liquidity hurdles between blockchains.
Founders and Team
- Founded by Taiyang Zhang in 2017.
- Zhang co-founded Virgil Capital and Neucode.
- Jaz Gulati, Neucode’s co-founder, is a software developer for Ren.</li
About Ren: Unlocking Interoperability in the Multichain Universe
Introducing Ren (REN): A Revolutionary DeFi Solution
Ren (REN) is an open protocol designed to facilitate seamless interoperability and enhance liquidity across disparate blockchain platforms.
Delve deeper into the intricacies of this project by exploring our comprehensive analysis of Ren.
Previously operating under the moniker Republic Protocol, Ren successfully debuted its virtual machine mainnet, RenVM, in May 2020, following a highly successful $34 million initial coin offering (ICO) in 2018.
The protocol’s native token, REN, serves as a collateral bond for operators of nodes, known as Darknodes, that power the RenVM network.
Ren seeks to amplify the interoperability and, by extension, the accessibility of decentralized finance (DeFi) by eliminating the barriers that hinder seamless liquidity across disparate blockchains.
The Visionaries Behind Ren: Unveiling the Founding Team
Ren was founded in 2017 by Taiyang Zhang, its visionary CEO. Initially operating under the moniker Republic Protocol, Ren was formally introduced in January 2018, with Zhang outlining its inaugural use case as a pioneering “decentralized dark pool.”
Zhang boasts a wealth of experience in the cryptocurrency realm, having also co-founded Virgil Capital, a prominent crypto hedge fund.
Prior to that, Zhang co-founded Neucode, a pioneering software and web development startup, in 2014, alongside Jaz Gulati, who has since transitioned to a software development role at Ren.
Ren’s Distinctive Edge: Unveiling its Uniqueness
Ren is a multifaceted platform boasting a diverse array of use cases, ultimately designed to surmount the hurdles to entry and investment that DeFi projects often face.
As a plug-in, it empowers DeFi projects to seamlessly integrate foreign cryptocurrency assets, including Bitcoin (BTC) and Zcash (ZEC), into their offerings. Furthermore, users can effortlessly swap any token between any two blockchains, eliminating the need for intermediate steps, such as relying on “wrapped” versions of tokens, like Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH).
RenVM constitutes a network of virtual computers, collectively forming a virtual machine. The machines that power this network, known as RenVM, are referred to as Darknodes.
Ren incurs various operational fees, the majority of which do not contribute to direct profitability, but are instead allocated to miners. As an ERC-20 token, REN also attracts disparate gas fees that facilitate transaction execution.
What Is the Circulating Supply of Ren (REN) Coins?
REN boasts a fixed supply cap of 1 billion (1,000,000,000) tokens, with a significant portion of 60.2% allocated to investors through a presale and public token sale in 2018.
Ren boasts a reserve fund, which was initially allocated 19.9% of the total supply, while a further 9.9% was internally allocated to advisors, the team, and its founders. Notably, team tokens were subject to a two-year lock-up period, whereas advisor allocations were locked up for six months.
A further 10% of the REN supply is earmarked for strategic initiatives, including partnerships and development endeavors.
REN is a token that adheres to the ERC-20 standard, ensuring seamless compatibility and interoperability within the Ethereum ecosystem.
The Security Paradigm of the Ren Network
RenVM is a Byzantine fault-tolerant protocol that enables the secure facilitation of ECDSA threshold key generation and signing through the utilization of secure multi-party computation (sMPC). This innovative protocol empowers RenVM to securely manage ECDSA private keys across disparate blockchains, thereby facilitating seamless token transferability between these blockchain ecosystems, thereby realizing interoperability.
The network is presently in the inaugural phase of its decentralization journey,
with a meticulously crafted roadmap guiding its progression towards a fully
decentralized state. For a comprehensive overview of RenVM’s decentralization
pathway, please refer to Ren’s Wiki.
Where to Acquire Ren (REN): A Comprehensive Guide
REN is a freely tradable token, boasting a prominent presence on numerous esteemed exchanges. As of October 2020, Binance and Huobi Global have emerged as the top volume contributors. The token is paired with a diverse range of assets, including cryptocurrencies, fiat currencies, and stablecoins.
New to the world of cryptocurrency? Our beginner-friendly guide is here to walk you through the seamless process of purchasing Bitcoin and other digital assets.
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